On October 27-28, 2023, SBI Art Auction will hold "Modern and Contemporary Art @ HILLSIDE FORUM" featuring modern and contemporary art. The total number of exhibited works is 300.
The auction will feature 300 items, including lithographs by David Hockney, who is currently holding a solo exhibition at the Museum of Contemporary Art Tokyo, as well as original paintings by Yayoi Kusama and KYNE.
This article introduces the SBI Art Auction's featured lots, as well as the art market conditions in 2023.
The art market in 2023: Decline from 2022, but steady over the last 20 years
In October 2023, ArtPricereleased its "Contemporary and Ultra-Contemporary Art Market Annual Report," a report on the state of the contemporary art market.
According to this report, the total value of contemporary art sold at auction from July 2022 to June 2023 was $2.29 billion (approx. ¥344.7 billion). This is lower than the previous year's $2.7 billion (approx. 406.5 billion yen), but is the fourth highest amount in the 23 years since 2000.
Considering the continued instability in the region, including the increasingly tense international situation, the total amount for 2023 can be considered a healthy performance. In addition, Japan ranked fifth in the world in auction transactions from July 2022 to June 2023 with $40 million (approx. 6 billion yen).
SBI Art Auction: Will it surpass the previous July 2023 result?
The following chart shows the expected minimum and maximum bids and the actual successful bids for the SBI Art Auction "Modern and Contemporary Art" from 2020 onward: The total amount of sales has been on the rise since October 2020, but the amount of successful bids dropped in July 2023.
The total amount of expected sales in October 2023 was ¥869,312,381,381, up from ¥542,483,037. The amount of expected sales has increased since July 2023, and we expect the amount of actual sales to improve as well. The market is expected to be particularly strong in 2024 and beyond.
Yayoi Kusama
Pumpkin" (1993), acrylic on canvas, 15.8 × 22.7 cm, Lot150
Estimate¥50,000,000 - 80,000,000
For example, "Pumpkin," an original painting by Yayoi Kusama, which had the highest estimated bid this time. The annual sales price of Yayoi Kusama's works has been on a steady upward trend since 2016. This year's lot is expected to attract the most attention as well, as to how far the bidding price will rise.
KYNE
Untitled" (2019), acrylic on canvas, 91.0 × 72.7 cm, Lot 181
Estimate¥6,000,000 - 9,000,000
In addition, KYNE, one of the most promising young artists in Japan, will also exhibit original paintings.
KYNE is ranked 24th in ArtPrice's Top 100 Ultra-Contemporary Artists (a ranking of artists born after 1980 by total transaction value in the first half of 2023) (160 million yen in transaction value).
At the SBI Art Auction in September 2023, an original painting of the same size as this one sold for ¥13,225,000.
Kosho Ida
A Head (Miki)" (2019), oil on canvas, 162.0 × 130.3 cm, Lot.164
Estimate¥10,000,000 - 15,000,000
Next is Yukimasa Ida, who is currently holding a large-scale solo exhibition at the Kyocera Museum of Art in Kyoto, Japan; he is an artist that art investors have been watching closely since his collaboration bag with Dior sold at the SBI Art Auction in September 2023 for ³,897,500, almost three times the highest expected bid.
Like KYNE, he is ranked 35th in ArtPrice's Top 100 Ultra-Contemporary Artists (artists born after 1980/top deal value in the first half of 2023).
Ayako Rokkaku
Untitled" (2017) acrylic on canvas, 90.0 × 90.0 cm, Lot. 182
Estimate¥10,000,000 - 15,000,000
Known for her colorful works of young girls, Ayako Rokkaku is a regular auctioneer.
She was ranked 15th in Art Price's Top 500 Contemporary Artists (born after 1980 and Top 500 in total transaction value from July 2022 to June 2023) with sales of $20,658,916 (approximately ¥3.1 billion) from July 2022 to June 2023. In 2022, the artist was ranked 78th in the same ranking, making him a breakthrough artist in 2023.
David Hockney
Hotel Akatlan, Day 2 (M.C.A.T. 270)" (1984-85), lithograph, S. 73.0 × 193.0 cm, Lot 117
Estimate¥8,000,000 - 14,000,000
David Hockney is an artist who has been active at the forefront of contemporary art since the 1960s. He is currently holding a large-scale solo exhibition at the Museum of Contemporary Art Tokyo.
Among the works to be exhibited in this show, the work with the highest expected bid is the "Moving Focus" series created between 1984 and 1987. In this work, the viewer experiences the multiple viewpoints depicted in the work by shifting his or her position and focus.
The work has attracted a great deal of attention due to the effect of the exhibition, and is expected to exceed the expected bidding price.
Notable Artists whose Auction Prices are Rising
The following is a list of other notable artists whose prices are currently rising.
Saya Okubo
The Cow Thief" (2021), acrylic and oil on canvas, 162.0 × 130.3 cm, Lot.191
Estimate¥700,000 - 1,300,000
Saya Okubo, born in 1992, gained attention after winning the Masami Shiraishi Prize of the "4th CAF Award" in 2017, is an artist who coexists contours and undulations of statues on canvas; she is also part of the collection of Makoto Takeuchi, an art collector known for his activities in the IT field, and her work shows promise for the future.
The highest bid of ¥609,500 was recorded on January 28, 2023, and the auction results have continued to exceed the expected amount. In the most recent auction, it sold for ¥414,000, about 1.5 times the highest bid. We will keep an eye on the artist to see if he can exceed the expected amount this time as well.
Yoon Hyeop
Underwater 3" (2019), acrylic on canvas, Φ 30.5 cm, Lot. 242
Estimate¥350,000 - 550,000
Yoon Hyeop is an artist with a backbone in street art. He sometimes skateboards through the city and gets his inspiration from the light flowing like lines.
He is known for his works that represent urban landscapes with colorful lines and dots.In 2018, he collaborated with Reki Yamaguchi.
Overall, the secondary market has seen 16 results, with two original paintings. Both of these bids exceeded the expected bidding amount. Expectations are high for this year's "Underwater 3" works.
Masaaki Suzuki
Untitled" (2007) oil on canvas, 112.0 × 145.5 cm, Lot.014
Estimate¥600,000 - 900,000
Masaaki Suzuki, born in 1981, is an artist who pursues the expression of "light." He won the Shell Art Award (now the Idemitsu Art Award) in 2005, and the "Night View" series he was working on at the time attracted much attention. Production of this series was temporarily suspended from 2010 to 2020, and it is a popular motif of Suzuki's, but with a small number of works.
It is also noticeably popular in the secondary market, and was first exhibited at auction in 2009, a few years after his debut. Furthermore, since 2018, the bids for the original "Night View" series paintings have continued to rise steadily.
Yusuke Komuta
Plane_Sky Manta (Silver)" (2012) acrylic on cotton, 162.0 × 112.0 cm, Lot.011
Estimate¥200,000 - 300,000
Yusuke Komuta is an artist who creates works that transcend two and three dimensional space and the expanse of time.
He is known for his solo exhibition at SCAI THE BATHHOUSE and for creating installations for Benesse Art Site Naoshima "House Project.
Three pieces have been auctioned so far, and all of them have exceeded the expected bids. The future trend of successful bids will be closely watched.
First time exhibiting artist
Rikako Kawauchi
Night and Day" (2018), oil on canvas, 41.0 × 31.8 cm, Lot 190
Estimate¥200,000 - 300,000
Rikako Kawauchi is an artist who creates paintings based on the theme of "resistance" created between herself and the screen.
Since she was a student at Tama Art University, she has received awards and attracted much attention, including the 1st CAF ART AWARD 2014, "ART IN THE OFFICE 2014," an open competition organized by Monex, Inc. and the 9th shiseido art egg (2015), an open competition organized by Shiseido to support young artists. He is a psychiatrist and a prominent collector. It is also in the collection of Ryutaro Takahashi, a psychiatrist and renowned collector.
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